Major International Business Headlines Brief::: 23 April 2021

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Major International Business Headlines Brief::: 23 April 2021

 


 

 


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ü  US President Joe Biden to 'propose hiking tax on rich'

ü  Coronavirus: Tokyo Motor Show cancelled for first time in 67 years

ü  Tesla's Autopilot 'tricked' to operate without driver

ü  Covid: India joins UK's 'red list' as travel ban begins

ü  Greensill lender Credit Suisse suffers 'unacceptable' loss

ü  Global economy to stage vigorous recovery; jobs growth to lag

ü  U.S. companies are beating profit estimates at record rate

ü  Tesla CEO Musk puts $100 mln jolt into quest for carbon removal

ü  Oil steadies on hopes for demand recovery, India's virus surge caps gains

ü  Republicans unveil $568 bln infrastructure package to counter Biden

ü  Nigeria Tops Countries With Poorest Electricity Access

ü  South Africa: Crypto Power - Can Solar Panels Boost Cheap, Green Homes in
South Africa?

ü  Nigeria Businesses Lose $29 Billion Annually to Poor Electricity

ü  Tanzania's Economy Grew At 4.7 in the Past Year, Says President Samia

 

 

 


 <https://www.facebook.com/Hyundaizimbabwe/> 

 


 

US President Joe Biden to 'propose hiking tax on rich'

US President Joe Biden is reportedly set to propose a tax hike on the
wealthiest Americans.

 

The proposal would raise the top marginal rate and increase taxes on
investment gains for the rich.

 

The tax rise would help pay for childcare and education, but would not be
used for healthcare, according to reports.

 

The news triggered a selloff on Wall Street, with major indexes slipping
during Thursday's trading session.

 

The White House said the American Family Plan, which Mr Biden is expected to
lay out in full next week, will not affect any family earning less than
$400,000 a year.

 

"His view is that that should be on the backs... of the wealthiest Americans
who can afford it and corporations and businesses who can afford it," said
White House Press Secretary Jen Psaki.

 

The proposal would increase the top marginal income tax rate to 39.6% from
37%, according to the New York Times and Bloomberg.

 

The move would effectively reverse Donald Trump’s 2017 income tax cut for
highest income earners.

 

The plan would also nearly double taxes on capital gains to 39.6% for people
earning more than $1m.

 

It’s a dramatic increase from the current rate of 20%.

 

In some states which impose their own capital gains tax, the total bill some
investors could face might exceed 50%.

 

The plan is widely expected to encounter resistance from Republicans in
Congress.

 

Although the Democrats hold a slim majority, they may not support the plan
unanimously.

 

Nevertheless, the news was enough to cause a few jitters on Wall Street.

 

The Dow Jones Industrial Average fell 420 points before reigning in its
losses slightly.

 

"If it had a chance of passing, we'd be down 2,000 points," Thomas Hayes,
from Great Hill Capital told Reuters.

 

The tech-heavy Nasdaq index also slipped 0.9%.--BBC

 

 

 

Coronavirus: Tokyo Motor Show cancelled for first time in 67 years

The Tokyo Motor Show has been cancelled for the first time in its 67-year
history due to rising virus cases.

 

The cancellation of the event comes even as the organisers of the Summer
Olympics push ahead with their plans.

 

It comes as Japan is expected to declare a state of emergency for Tokyo,
Osaka and two other prefectures from 25 April to 11 May.

 

Japan is facing a surge in Covid-19 cases, driven by more infectious
variants of the virus.

 

The Tokyo Motor Show, which started in 1954 and is usually held every two
years, had been scheduled to go ahead in October.

 

The last event, which took place in 2019, attracted around 1.3 million
visitors, according to the Japan Automobile Manufacturers Association.

 

The organisation's chairman Akio Toyoda, who is also the president of
Japan's biggest carmaker Toyota, said the event was called off because "it
is difficult to offer our main programme in a safe and secure environment".

 

The show's organisers also said that, unlike other major industry
exhibitions that have moved online during the pandemic, there were no plans
to make it a virtual event.

 

The cancellation comes as Japan's Prime Minister Yoshihide Suga is expected
to declare a state of emergency in several parts of the country, including
Tokyo and Osaka.

 

These latest developments come just three months before Japan is scheduled
to host the 2020 Olympics, which have already been delayed by a year.

 

In China this week the first major global car exhibition since the start of
the pandemic went ahead.

 

The country's biggest motor show, Auto Shanghai 2021, was open to the public
but with attendees having to take Covid-19 tests to gain entry.--BBC

 

 

 

Tesla's Autopilot 'tricked' to operate without driver

The Autopilot feature in Tesla vehicles can be tricked into operating
without a driver, an influential consumer magazine in the US has found.

 

Consumer Reports engineers looked into claims that Autopilot can operate
without a driver present.

 

They tested the Model Y on a closed track and concluded the system could be
"easily tricked".

 

It comes days after a fatal Tesla crash in Texas. Police believe no one was
in the driver's seat.

 

Tesla's Autopilot is an advanced driver assistance system that Tesla says
"enhances safety and convenience behind the wheel".

 

'Clearly insufficient'

The Consumer Reports team said they successfully - and repeatedly - tricked
the car into driving their test track with no one in the driver's seat.

 

"In our evaluation, the system not only failed to make sure the driver was
paying attention, but it also couldn't tell if there was a driver there at
all," said Consumer Reports auto testing director, Jake Fisher.

 

"It was a bit frightening when we realized how easy it was to defeat the
safeguards, which we proved were clearly insufficient."

 

Tesla's website says the Autopilot system requires a "fully attentive
driver" and using the system does not make the car autonomous.

 

Some of the safety requirements for Autopilot mode include: keeping the
driver's hands on the steering wheel, buckling the seatbelt and not opening
any doors.

 

Crash investigations

On Saturday, two men were killed after a Tesla car crashed into a tree and
caught fire in Texas.

 

The victims were found in the front passenger seat and in the back seat of
the vehicle, leading police to believe nobody was in the driver's seat.

 

However, Tesla boss Elon Musk said that "data logs recovered so far show
Autopilot was not enabled".

 

"Moreover, standard Autopilot would require lane lines to turn on, which
this street did not have," Mr Musk tweeted.

 

On Thursday, two Democratic Senators sent a letter to the US National
Highway Traffic Safety Administration (NHTSA) asking them to investigate the
fatal Tesla accident in Texas.

 

Senator Blumenthal and Senator Markey also requested a report outlining ways
to prevent future accidents.

 

The NHTSA has opened investigations into 28 crashes involving Tesla
vehicles.

 

Tesla has not responded to the BBC's request for comment.-BBC

 

 

 

Covid: India joins UK's 'red list' as travel ban begins

UK and Irish nationals arriving from India must quarantine in a
government-approved hotel, as new coronavirus travel curbs come into force.

 

India joined the UK's "red list" on Friday, effectively banning travel.

 

The country has seen soaring infection rates, a rapidly rising death toll
and the discovery of a new virus variant.

 

Travel to England is banned for people who have been in red-list countries
in the past 10 days, except UK citizens and those with residency rights.

 

India has seen the world's highest number of daily recorded Covid cases. Six
hospitals in the Indian capital Delhi have completely run out of oxygen - as
doctors warn other hospitals have just a few hours' of supply left.

 

Public Health England (PHE) confirmed on Thursday that a further 55 cases of
the virus variant first identified in India - known as B.1.617 - were found
in the UK in the latest week to 14 April.

 

PHE experts are currently unsure whether any of the mutations mean the
variant can be transmitted more easily, is more deadly or can evade the
effectiveness of vaccines or natural immunity.

 

Friday's rule change - which also affects arrivals into Scotland - means
direct flights from India are still permitted, but UK and Irish nationals,
as well as those with residency rights, must isolate in government-approved
hotels - at their own cost - for 10 days.

 

The final scheduled commercial flight ahead of the rule change - Vistara
flight VTI017 - landed at London's Heathrow Airport at 18:48, according to
FlightRadar24.

 

Four airlines asked for a total of eight extra flights to arrive at the west
London airport before the 04:00 deadline but were refused permission by
airport authorities.

 

Heathrow bosses are believed to have declined the requests to ensure
pressures at the border, reported in recent weeks, are not exacerbated.

 

Later scheduled arrivals from Delhi and Mumbai to Heathrow, and Delhi to
Gatwick Airport, were cancelled on Thursday, airport data showed.

 

 

Some of those who arrived before the red list change told the BBC they
"couldn't afford to stay away" and "had to get back to work".

 

"Eventually, yesterday, a friend in the UK managed to book me a ticket from
Mumbai to Manchester," Biju Mathew, a social services manager from Walsall,
said.

 

Demand for flights from India to the UK quickly became overwhelming after
the government's red list announcement, according to Suresh Kumar, chairman
of specialist travel agents Indra Travel.

 

"A lot of people were hoping that the [UK] government would have made
arrangements for people trying to get back," he said. "They were
disappointed."

 

There was a scramble as people came in from suburbs and trekked from
villages to the main Indian airports, he said.

 

Indra Travel tried to charter a plane to get 350 people back, but after
initially being given the go-ahead and taking bookings, Mr Kumar said he was
told that the flight would have to be cancelled as bringing in that many
people would exceed a Covid quota.

 

But the firm did manage to bring in one charter flight from Amritsar to
Birmingham, he said.

 

Speaking on Tuesday, Prime Minister Boris Johnson - who cancelled an
official visit to India due to take place next Monday - said the addition to
the red list was a "purely precautionary" step over a new coronavirus
variant.

 

He said: "What we're seeing in India is a result of a variant under
investigation, it hasn't yet been deemed a variant of concern - I think that
was why there has been the delay."

 

The B.1.617 variant was first noted internationally in October and first
identified in the UK on 22 February.

 

Daily Covid graphic

Meanwhile, the UK recorded a further 2,729 new coronavirus cases on
Thursday, with a further 18 deaths within 28 days of a positive test
reported.

 

The number of second doses now stands at 11,192,601 - and a total of
33,257,651 people have so far received at least one vaccine dose.--BBC

 

 

 

Greensill lender Credit Suisse suffers 'unacceptable' loss

Credit Suisse has asked investors for almost $2bn as it seeks to rebuild its
finances after suffering what the chief executive called "unacceptable"
losses.

 

The Swiss banking giant, one of the most venerable names in the industry,
has been rocked by two high profile bankruptcies.

 

On Thursday, Swiss regulators announced they were widening probes into
Credit Suisse's activities.

 

These relate to dealings with two firms, Archegos and Greensill.

 

Credit Suisse suffered a multi-billion-dollar hit after Archegos, a US hedge
fund, folded.

 

The bank is also a creditor of failed financial firm Greensill, which hit
the headlines over its role funding the UK's Liberty Steel and lobbying by
former Prime Minister David Cameron.

 

On Thursday, Credit Suisse posted a 757m Swiss franc ($827m; £594m) loss for
the first three months of the year, having previously warned that losses
could reach SFr900m.

 

It would have been the bank's best trading quarter for a decade, but Credit
Suisse was forced to write off SFr4.4bn related to the Archegos collapse.

 

"The loss we report this quarter, because of this [Archegos] matter, is
unacceptable," the bank's chief executive, Thomas Gottstein, said in
statement.

 

As part of measures to bolster its finances, Credit Suisse said it would
raise SFr 1.7bn ($1.9bn; £1.5bn) from investors. The news sent the Credit
Suisse share price 5% lower in early trading. The shares have sunk 30% since
the start of March.

 

The Swiss financial regulator Finma was already looking into Credit Suisse's
links to Greensill, and on Thursday announced it would now look into its
involvement with Archegos.

 

Reputation damage

In London on Thursday, administrators overseeing Greensill's activities said
that its Australian parent company had entered liquidation.

 

The administrator will now wind down Greensill activities and attempt to
sell off parts of the business to help repay creditors.

 

Mr Gottstein has been grappling with limiting the damage to Credit Suisse's
reputation and retaining both clients and staff.

 

He is expected to be helped in those efforts soon by former Lloyds Banking
Group chief executive Antonio Horta-Osorio, who is widely reported to become
Credit Suisse's next chairman.

 

But analysts have said the crisis at Credit Suisse will cast a long shadow
over the bank. "The full consequences from the reputational loss will only
be visible over time," said Andreas Venditti, an analyst at Vontobel
bank,--BBC

 

 

Global economy to stage vigorous recovery; jobs growth to lag

The global economy will recover this year from its coronavirus slump at a
pace not seen since the 1970s as strong momentum builds in most major
economies, according to Reuters polls of over 500 economists.

 

That optimism was largely led by the widely expected vaccine-driven
recovery, massive liquidity injections, unprecedented fiscal support -
primarily by the United States, with more in the pipeline - and continued
adaptation of economic activity to overcome subdued mobility.

 

With many countries still facing challenges from the pandemic, when asked on
the likelihood of a renewed spike in coronavirus cases derailing the global
economic recovery this year, economists were split in the Reuters polls
taken over the past month. But 2021 growth views for 55% of 44 economies
polled on were upgraded from three months ago, led by the U.S. economy -
which was predicted to mark the fastest annual expansion since 1984 - and
China, set to return to pre-crisis levels this year.

 

"A synchronised global economic recovery is underway, notwithstanding the
continuing battle against COVID-19. Every economy we cover is projected to
register a meaningful rebound in annual average GDP growth this year," noted
Janet Henry, global chief economist at HSBC.

 

"Much will depend on whether governments prefer a strategy of eliminating or
suppressing the pandemic; access to effective vaccines; the structure of the
economy; the willingness of households to spend their accumulated savings;
and the scale and mix of policy stimulus."

 

The devastating pandemic pushed the world economy into its deepest-ever
recession last year, but the poll showed a sharp rebound with the global
economy predicted to grow on average 5.9% this year, the fastest since the
1970s.

 

That compared to 5.3% expected in January and a sharp upgrade compared to
expectations from a year ago, when the pandemic took hold.

 

While the latest consensus is just a touch below the International Monetary
Fund's 6% projection, nearly 30% of 74 economists predicted world GDP growth
in excess of the IMF's forecast. read more

 

Over 85% of economists, or 152 of 178, in response to an additional question
said the recovery would be faster than previously expected or about the same
pace versus the remaining 26 predicting a slower pace of rebound.

 

None foresaw a downturn.

 

Despite those upgrades to economic growth, the job market recovery was
expected to lag, with unemployment rates not forecast to return to
pre-crisis levels this year or next for most advanced economies polled on.

 

While the latest jobs outlook has improved slightly compared to April last
year on trillions of dollars worth of stimulus, it still suggests the
COVID-19 pandemic would leave many million workers jobless, with several
economic sectors disrupted by mobility restrictions not expected to recover
anytime soon.

 

Also, projected quarterly growth forecasts showed uneven momentum for
economies from developed to emerging in the latest polls, reflecting worries
that public health gains against the coronavirus have stalled in some parts
of Asia, Latin America, and Europe.

 

"Growth rates are still set to be fairly erratic on a quarterly basis and
vary enormously between economies and within them. For some economies
momentum is set to slow, so much of the strong rebound in the forecast
annual average GDP growth rates in 2021 reflects the rebound from the
pandemic lows already delivered," added HSBC's Henry.

 

Following massive stimulus and the pandemic-led supply constraints, the 2021
inflation outlook for over 70% of 44 economies polled on was upgraded from
previous surveys, with over 80% of 207 economists answering a question
saying risks to their already elevated forecasts skewed more to the upside.

 

Inflation has ticked up in some advanced nations on pent-up demand, spurred
by the re-opening of economies and a global increase in commodity prices.

 

But base-case expectations were not for a sustained rise in prices, with
inflation forecast to moderate next year for most economies.

 

Monetary policy has drawn renewed attention after the Bank of Canada on
Wednesday cut the pace of its bond purchases, making it the first Group of
Seven central banks to move towards withdrawing extraordinary stimulus.

 

The European Central Bank or the Federal Reserve were not expected to start
winding down their asset purchases programme this year.

 

"The biggest risk now, we feel, is that U.S. inflation rises such that the
Fed is forced into a hasty exit of COVID-19 era accommodation, and is far
more aggressive than current market pricing - which is already more hawkish
than the Fed's own timetable," noted analysts at Barclays.

 

"However, we think this is unlikely. We expect U.S. inflation to moderate by
the end of 2021, after a mid-year spike."-The Thomson Reuters Trust
Principles.

 

 

 

U.S. companies are beating profit estimates at record rate

While it’s still early in the earnings period, a record percentage of
first-quarter profit reports from major U.S. companies are coming in above
analysts’ expectations.

 

Earnings are rebounding from last year's pandemic-fueled lows, but many
companies were holding off on giving guidance, making it harder for analysts
to estimate results for this year. Some strategists say
stronger-than-expected earnings could help underpin the market even as
valuations are considered expensive.

 

With results in from 110 of the S&P 500 companies as of Thursday, 85.5% have
beaten analysts' estimates for earnings per share, according to Refinitiv's
data. If that trend continues through the reporting season, it would be the
highest beat rate on record going back to 1994.

 

An average of 78% of companies have beaten earnings estimates in the past
four quarters.

 

Stronger-than-expected results from major banks and other companies have
driven up the forecast for the quarter. Earnings are now expected to have
risen 33.3% in the first quarter from the previous year, compared with 24.2%
at the start of the month, based on Refinitiv's data.

 

That's expected to be the highest quarterly profit growth since 2010
following the financial crisis.

 

To be sure, the S&P 500 (.SPX) is up less than 1% since mid-April when the
earnings period kicked into high gear. Wall Street fell Thursday as sources
said U.S. President Joe Biden will propose raising taxes on the wealthy next
week to fund about $1 trillion in investments.

 

A resurgence of coronavirus cases globally added to investor worries.

 

Also, earlier this week, Netflix Inc (NFLX.O) said slower production of TV
shows and movies during the pandemic hurt subscriber growth in the first
quarter, and its shares dropped sharply.

 

Despite some high-profile disappointments, "the momentum for corporate
earnings looks positive," Mark Haefele, chief investment officer global
wealth management at UBS AG, wrote in a note this week.

 

"Overall the U.S. earnings season has got off to a strong start."-The
Thomson Reuters Trust Principles.

 

 

 

Tesla CEO Musk puts $100 mln jolt into quest for carbon removal

Billionaire entrepreneur Elon Musk on Thursday offered inventors $100
million in prize money to develop ways to fight global warming by removing
carbon dioxide from the atmosphere or ocean.

 

"Right now we've only got one planet," said Musk, CEO of electric carmaker
Tesla Inc (TSLA.O). "Even a 0.1% chance of disaster -- why run that risk?
That's crazy!"

 

In January, Musk announced his intention to offer $100 million in prizes and
set out the contest rules on Thursday, Earth Day. What organizers called the
"largest incentive prize in history" will last for four years through Earth
Day, 2025.

 

Carbon capture and storage has drawn growing interest as a warming climate
has melted glaciers, intensified tropical storms and resulted in "sunny day
flooding" of more and more coastal areas. While countries are working to
reduce emissions, scientists say carbon removal technology will also be
crucial to the goal of getting emissions to net zero by 2050.

 

"Both cost and scalability need to be addressed. Is it going to be enough
carbon to matter, and can we afford it as a civilization? Those are two
things that matter," Musk said on a video feed that showed him outdoors,
barefoot in a black shirt with water and trees in the background.

 

Carbon capture projects have already drawn backing from Silicon Valley
startups, public officials worried about the slow pace of cutting emissions,
and emitters including oil companies seeking to offset their climate
impacts.

 

The technology is not yet commercially viable. Removing carbon can cost more
than $300 per metric tonne in a world that each year emits greenhouse gases
equivalent to about 50 billion tonnes of carbon dioxide. By 2050, some 10
billion tonnes of carbon capture may be needed, by some estimates.

 

"I think this is one of those things that is going to take a while to figure
out what the right solution is," Musk said. "And especially to figure out
what the best economics are for CO2 removal."

 

Musk's $100 million XPRIZE Carbon Removal is aimed at finding a viable
solution for taking 1,000 tonnes out of the atmosphere annually, with
potential to scale up dramatically.

 

Contenders must have a plan to sequester carbon for at least 100 years.
Organizers said they will get feedback by mid May and turn guidelines into
rules.

 

Musk has built a reputation as an industrialist focused on environmentalism,
turning electric car maker Tesla into the world's most valuable vehicle
company and expanding into solar power so customers can charge their rides
carbon-free. He had conversations about the prize with Peter Diamandis,
founder and executive chairman of the XPRIZE Foundation.

 

There are plenty of Silicon Valley startups eager to compete. Venture
capital-backed carbon removal companies raised $336.5 million last year,
according to PitchBook.

 

On Monday, XPRIZE announced two winners of a separate, $20 million prize to
develop technologies to covert emissions from power plants into concrete.
One is CarbonCure Technologies, based in Canada and backed by separate funds
by Bill Gates, Amazon.com Inc (AMZN.O) and others.

 

The United Nations has said carbon removal technology is needed to limit
increase in planetary warming and avoid catastrophic climate impacts. But
some environmentalists have argued that focusing on carbon removal reflects
a lack of resolve to end the use of fossil fuels.-The Thomson Reuters Trust
Principles.

 

 

Oil steadies on hopes for demand recovery, India's virus surge caps gains

Oil prices climbed on Friday, buoyed by hopes demand will recover as
economic growth picks up and lockdowns ease, but worries about India's
surging second wave of COVID-19 cases limited gains.

 

Brent crude futures rose 37 cents, or 0.6%, to $65.77 a barrel at 0450 GMT,
after rising 8 cents on Thursday.

 

U.S. West Texas Intermediate (WTI) crude futures jumped 45 cents, or 0.7%,
to $61.88 a barrel, also after an 8 cent rise on Thursday.

 

"Oil prices rebounded for a second day as a lower-than-expected U.S. jobless
claims data buoyed the energy demand outlook in North America," said
Margaret Yang, a strategist at Singapore-based DailyFX. read more

 

"Recent macro data from the U.S. and China have been encouraging, reflecting
a robust economic recovery from the world's two largest economies, while
OPEC+ is expected to hold the current production plans unchanged in a
meeting next week, helping to stabilize oil prices."

 

U.S. refiner Valero said gasoline and diesel demand were back to 93% and
100% of the levels they were at before the pandemic, with chief commercial
officer Gary Simmons saying the company is "pretty bullish on gasoline going
forward". read more

 

Meanwhile, some improving conditions in Europe also boosted sentiments as
France said schools would reopen on Monday and domestic travel curbs in
place would end on May 3. read more

 

The resurgence of infections in India and Japan, however, pointed to an
uneven demand recovery in different parts of the world and oil prices could
come under further pressure if the situation worsens in these key markets,
analysts said.

 

Both both benchmark crude contracts are headed for a weekly loss of nearly
2% on concerns about sliding fuel demand in India, the world's third largest
oil importer, where daily infections and deaths from COVID-19 hit new
records this week. read more

 

Several countries, including Australia, Britain, Canada, and the United Arab
Emirates, have barred or cut flights from India.-The Thomson Reuters Trust
Principles.

 

 

Republicans unveil $568 bln infrastructure package to counter Biden

U.S. Senate Republicans on Thursday proposed a $568 billion, five-year
infrastructure package as a counteroffer to President Joe Biden’s sweeping
$2.3 trillion plan, calling their measure a good-faith effort toward
bipartisan negotiations.

 

The proposal, which falls below even the range of $600 billion to $800
billion that Republicans floated earlier in the week, focuses narrowly on
traditional infrastructure projects and broadband access.

 

It drew a mixed response from Democrats, who narrowly control both chambers
of Congress. Some Democrats dismissed it as inadequate to the task of
repairing America's infrastructure and reliant on user fees that would
penalize working people.

 

The Republican plan would not result in higher taxes but be fully paid for
with user fees on electric vehicles and other items, unspent federal funds
and possible contributions from state and local governments.

 

"This is the largest infrastructure investment that Republicans have come
forward with," said Senator Shelley Moore Capito, who has helped lead the
effort as top Republican on the Senate Environment and Public Works
Committee.

 

"We see this as an offer that's on the table and deserves a response," the
West Virginia lawmaker told a news conference.

 

Republicans sent the proposal to Biden on Thursday, before unveiling the
package, which represents less than one-quarter of the Democratic
president's plan.

 

Democratic Senate Majority Leader Chuck Schumer had no immediate comment on
the Republican proposal, but told reporters: "Any infrastructure proposal
has to be green and cannot be paid for on the backs of working people."

 

Biden, who asked Republicans this week to offer a counterproposal by
mid-May, proposed an infrastructure plan that includes not only traditional
infrastructure projects but seeks to alter the course of the U.S. economy by
addressing climate change and expanding human services such as care of the
elderly.

 

Republicans have opposed the size and scope of the Biden proposal, as well
as its plan to pay for spending by raising taxes on U.S. corporations.

 

Senate Minority Leader Mitch McConnell said the new proposal "has the
potential to be a reasonable and bipartisan alternative and we're hoping
that Democrats are interested in doing something along those lines."

 

TWO-TRACK APPROACH

 

But it could also form the basis of a two-track infrastructure process that
would include a smaller bipartisan bill and a larger measure that Democrats
could move through Congress without Republican votes.

 

"It's a starting point," said Senator Joe Manchin, who has insisted that
Democrats work with Republicans on infrastructure. "I'm sure that we can
find a compromise."

 

Manchin, a moderate Democrat from heavily Republican West Virginia, is a
critical swing vote in the Senate.

 

Biden has proposed $650 billion for roads, rail and transport, but that
portion of his plan also includes a $174 billion investment in electric
vehicles that is absent from the Republican framework.

 

Republicans would spend $299 billion on roads and bridges, $65 billion on
broadband, $61 billion on public transit systems, $44 billion in airports,
$35 billion on drinking water and wastewater systems, $20 billion on rail,
$17 billion on ports and inland waterways, $14 billion on water storage and
$13 billion on transportation and pipeline safety.

 

Republican Senator Pat Toomey said state and local governments that are
flush with tax revenues and COVID-19 relief funding could also be asked to
help pay for infrastructure projects.

 

Biden and his Democratic allies in Congress could need Republican support to
get infrastructure through the Senate and House of Representatives.-The
Thomson Reuters Trust Principles.

 

 

 

Nigeria Tops Countries With Poorest Electricity Access

Nigeria has overtaken the Democratic Republic of Congo with 25 percent of
people without access to electricity, making it the highest country globally
with citizens that lack access to power.

 

This was revealed by the World Bank Group officials during a virtual
engagement with power reporters in Abuja on the Power Sector Recovery
Programme (PSRP).

 

"Nigeria now has the largest number of unelectrified people globally and the
trend is worsening; of the electrified, the supply is very unreliable with
widespread blackouts," said a presentation from the Group.

It stated that electrification which was growing at 1.1% yearly since 2010
has not kept pace with population growth of 3% yearly. This has increased
the deficit by 3 million people to 85m which is 57% of the population.

 

"Nigeria now has 25% more unelectrified people than the 2nd most
unelectrified country (DRC - in absolute terms). For the bottom, 40% of the
population (mostly rural), access to grid electricity is even lower at about
31% nationwide. Regionally, only south-west has access of over 50% (except
Kano)."

 

Commenting, WBG Practice Manager, West and Central Africa Energy, Ashish
Khanna, who had presented the document, said: "The power sector is
operationally inefficient with unreliable supply exacerbated by high losses
and lack of payment discipline.

 

"Businesses in Nigeria lose about $29 billion annually because of unreliable
electricity while Nigerian utilities get paid for only a half of electricity
they receive."

 

The bank also said 80% of grid connected households have six or fewer hours
of electricity per day while 40% of those who have access to power rely on
offgrid means like generators and solar power plants.

 

However, the bank said the PSRP intervention is helping to change the
narrative. It approved $1.25bn between June 2020 and February 2021 to reset
the power sector.

 

The bank also said to achieve universal access to electricity by 2030,
Nigeria would need to connect over 1 million households yearly while
devising means to ensure consumers pay for the electricity consumed.-Daily
Trust.

 

 

 

South Africa: Crypto Power - Can Solar Panels Boost Cheap, Green Homes in
South Africa?

The Watergate complex wants to combat nationwide blackouts using energy from
solar cells leased through an online platform

 

* Watergate is province's first privately-funded, low-cost estate

 

* Solar panels to be installed through online leasing platform

 

* Project could save 3.3 million kg of carbon dioxide

 

When property developer Anver Essop bought land in Cape Town's gang-ridden
Cape Flats area, people laughed at him for considering it an investment.

 

Now, 12 years later, the Watergate Estate is a sought-after refuge that will
soon be donned with solar panels funded through an online leasing platform,
making it, Essop hopes, a "blueprint" for green, safe and cheap homes across
South Africa.

 

The marketplace, Sun Exchange, allows people to buy individual solar cells
with cash or bitcoin and then lease them to power solar projects in emerging
economies, resulting in lower electricity costs for residents.

"We thought, why don't we give people the same product we build in wealthier
areas and uplift them to improve their own lives," Essop, 61, told the
Thomson Reuters Foundation.

 

Essop, who founded development company New Age Properties, said the
Watergate estate seeks to solve two pressing issues in the country: the need
for safe, affordable housing and reliable, clean energy.

 

Nearly three decades since the end of white minority rule under the
apartheid regime, South Africa is battling high levels of inequality, crime
and unemployment and a housing crisis linked to booming urbanisation.

 

The government has subsidised about 14% of South African homes since 1994 -
or 2.3 million properties - according to official statistics, but housing
rights groups say there is a major backlog in the roll-out.

 

There are more than 300,000 people registered and waiting for
government-funded housing in Cape Town, said Malusi Booi, a member of the
city's Mayoral Committee for Human Settlements, in emailed comments.

Rights advocates noted that almost all of those waiting are Black or
mixed-race.

 

"While this spatial inequality has its historical origin in the colonial and
apartheid eras, a key contemporary driver is Cape Town's acute housing
affordability crisis," said Michael Clark, head of advocacy at local housing
rights group Ndifuna Ukwazi.

 

Cape Town is expected to have the highest year-on-year rise in property
prices in the world this year, equal only to that of Shanghai, according to
global property consultancy Knight Frank.

 

Booi said the city is currently ramping up its supply of affordable housing
in and near urban centres across the metro.

 

Watergate is the first privately-funded, low-cost housing development in the
Western Cape province, according to Essop, with more than 200 apartments,
24-hour security, electric fencing and a children's play park.

Gated communities are popular across cities in South Africa, which had the
world's fifth highest murder rate in 2019, according to United Nations data.

 

But academics and rights groups have criticised protected complexes for
further segregating already divided spaces, leaving people who cannot afford
to live in them exposed to violent crime.

 

CROWDSOURCED SOLAR PANELS

 

Having grown up in the Cape Flats surrounded by gangs, gun violence and drug
dealers, Watergate resident Samantha Wilson said she now feels secure enough
to sometimes leave her door unlocked.

 

But keeping the lights on is a challenge.

 

South Africa has been dealing with scheduled electricity blackouts, known as
"load-shedding", where the state utility Eskom cuts power to protect the
national grid from collapse as coal-fired plants struggle to meet demand.

 

"Load-shedding is a nightmare everywhere, it impacts my performance when I
am working remotely," said Wilson.

 

Watergate is due to receive its first solar panels in the coming weeks
through Sun Exchange.

 

Cells can be bought with cash or bitcoin for 90 rand ($6) each and owners
lease the electricity generated to Watergate at a pre-agreed price, saving
them nearly 40% in electricity costs over 20 years.

 

After 20 years, the project will be decommissioned or Watergate will have
the option to purchase the solar-power system outright, explained Sun
Exchange founder Abe Cambridge.

 

"By combining cryptocurrency and energy, you end up with someone sitting in
London getting an income from selling green energy where it is needed and
offsetting their carbon footprint," he said.

 

About 470 people across the world bought solar cells for Watergate, and of
the 39 Sun Exchange projects launched so far, it is the first being used to
power affordable housing, said Cambridge.

 

Watergate's solar electricity system will save about 3.3 million kg of
carbon dioxide over its lifetime, he added - equivalent to a year of
emissions from 718 cars.

 

Although the energy produced by the cells will initially be linked to the
national grid, Cambridge hopes to add a battery that can store solar power
to protect residents from blackouts.

 

"If the (COVID-19) pandemic has shown us anything, it is the need to build
resilient finance and energy systems. We need foundations that can withstand
shocks," he said.

 

'HIGH WALLS'

 

Some like Ryan Fester, a project officer with housing and land non-profit
Development Action Group (DAG), say gated communities are short-term
solutions that create an "illusion" of safety.

 

"Crime can still take place inside gated communities, we need to tackle
long-term issues like unemployment, trauma, abuse, lack of education ...
building high walls won't create vibrant communities," said Fester, who also
lives in the Cape Flats area.

 

But Wilson said that "Watergate is affordable, it is not exclusionary,"
adding that she is part of a community watch group that patrols both within
and outside the estate.

 

Essop said that his company is in the process of building another 100 units
in Watergate and negotiating an additional 45 hectares (110 acres) of land
in the area for more affordable housing projects.

 

Sun Exchange also plans to expand into other parts of southern Africa
through a partnership announced last year with one of Zimbabwe's biggest
fruit and tobacco producers, Nhimbe Fresh.

 

"Long-term we want Sun Exchange to be a global platform in Latin America and
southeast Asia, where there are similar energy challenges that can benefit
from our model," said Cambridge.

 

At the Watergate Estate, Wilson said that, for her, the biggest benefit is
finally being able to sleep soundly at night.

 

"I feel proud to live here. I sleep through the night knowing my family is
safe and I think people in other countries should feel like this, too," she
said.-Thomson Reuters Foundation.

 

 

 

Nigeria Businesses Lose $29 Billion Annually to Poor Electricity

The bank says an average Nigerian consumes four times less energy than their
counterparts in a typical lower middle-income country.

 

Epileptic power supply costs businesses in Nigeria about $29 billion yearly,
the World Bank has said.

 

The bank's conclusion was drawn from its Power Sector Recovery Programme
factsheet presented during the World Bank's virtual meeting with journalists
Wednesday.

 

The bank's practice manager, West and Central Africa Energy, Ashish Khanna,
in his presentation said, "Businesses in Nigeria lose about $29bn annually
because of unreliable electricity. Nigerian utilities get paid for only a
half of the electricity they receive."

According to him, for every N10 worth of electricity received by
distribution companies, about N2.60 is lost in poor distribution
infrastructure and through power theft and another N3.40 is not being paid
for by customers.

 

"Six in 10 of registered customers are not metered, and their electricity
bills are not transparent and clear. This contributes to resistance to pay
electricity bills," the PUNCH quoted him as saying.

 

The PSRP document said only 51 per cent of installed capacity was available
for generation, as an average Nigerian consumed four times less energy than
their counterpart in a typical lower middle-income country.

 

The document said the Nigerian government assisted poor citizens in paying
up the electricity bills. It said poor citizens use less electricity, while
the richer families consume more power.

The bank described the document as a comprehensive response to Nigeria's
power challenges with the aim to renew the country's economy by rebuilding a
functioning and fair power sector.

 

The senior energy specialist, World Bank, Muhammad Wakil, said: "Nigeria now
has the largest number of 'unelectrified' people globally and the trend is
worsening. Of the electrified, the supply is very unreliable with widespread
blackouts."

 

He also said Nigeria now has 25 per cent more "unelectrified" people than
the second most unelectrified country in the world, the Democratic Republic
of Congo (DRC).

 

Between June 2020 and February 2021, the World Bank said its board approved
$1.25 billion financing to support the Nigerian government in its efforts to
reset the power sector.

 

In 2019, it said 80 million people in the country were without access to
electricity and millions more suffered from poor service.

 

Last June, the bank released a similar report on the economic loss caused by
unreliable power supply in Nigeria, which it estimated at N10.1 trillion
annually.

 

The Minister of Power, Saleh Mamman, last week apologised for poor power
supply in the country.

 

Mr Mamman's apology came weeks after many Nigerians had complained of
persistent outages. He said some 17 power plants had operational problems.

 

Malfunctions are common in the sector and often result in extensive
blackouts across the country. The government cites gas supply issues despite
Nigeria being one the world's largest producers of gas.-Premium Times.



 

Tanzania's Economy Grew At 4.7 in the Past Year, Says President Samia

Dar es Salaam — President Samia Suluhu has said outbreak of the Covid-19
pandemic the global economy was adversely affected and Tanzania was not
spared therefore declining from 6.9 percent to 4.7 percent.

 

According to her the country in the next five years needs to focus on
putting up more investments and strengthening productive sectors to create
more jobs.

 

"We will take specific steps to promote investment by looking at policies,
laws, regulations and to remove clauses that are pushing us back in
promoting investment," she said.

 

She said the government will also continue to improve macroeconomic policies
and monetary policy and ensure economic indicators; including currency
value, inflation and interest rates remain stable.

 

"At the same time we will not be ready to tolerate laziness, negligence,
theft and misappropriation of public funds. We will take concrete steps to
improve the business and investment climate in the country to attract the
private sector, "said Samia.

 

She said the focus will be on restoring investors' confidence and providing
incentives for smart investors if it was to facilitate investment quickly.

 

"In our country there has been bureaucracy when people come to want to
invest, the sixth phase government is going to end that and ensure
investment is fast tracked," she said.

 

She also noted that more efforts are needed to boost the economy and fight
poverty because despite the gains made the growth rate is still
slow.-Citizen.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

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www.bullszimbabwe.com/blog

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


BAT

AGM

Cresta Lodge, Msasa

30/04/21 10am

 


 

Workers Day

 

01/05/21

 


FCB

AGM 

virtual

06/05/21 : 3pm

 


NMB

AGM

virtual

1205/21 :  3:30pm

 


 

Africa Day

 

25/05/21

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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